Date: 2013-08-01

Local steel players of Malaysia hope Miti will review current iron and steel policy

It will be interesting to gauge the feedback from the local steel players based on the recommendations made by the Boston Consulting Group (BCG) which has completed a comprehensive study on the strategic RM40bil steel industry.

Hired by International Trade and Industry Ministry (Miti) in late February, BCG has put forth recommendations for the ministry to formulate an effective mechanism for the local players to stay competitive and be on par with other regional players amid the influx of cheaper imported goods, increasing protection measures as well as the volatility in the prices of raw materials.

One of the recommendations is for the country's sole hot-rolled coil (HRC) producer Megasteel Sdn Bhd, a unit of the Lion Group, be given a deadline till mid-2013 to record positive cash flow by forming strategic collaborations with foreign parties and improving operational efficiency.

While Megasteel may be elated over the recommendation, some quarters expect the time extension given could be strongly challenged by those in the midstream and downstream steel sector.

To them, Megasteel had been given enough

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